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Crescent Cotton Mills fiscal Q3 loss widens 18.2% YOY

Crescent Cotton Mills Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 45 Pakistani paisa per share, compared with a loss of 38 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 10.1 million rupees, compared with a loss of 8.5 million rupees in the prior-year period.

The normalized profit margin declined to negative 1.2% from negative 0.8% in the year-earlier period.

Total revenue fell 17.6% on an annual basis to 850.7 million rupees from 1.03 billion rupees, and total operating expenses declined 18.1% year over year to 858.1 million rupees from 1.05 billion rupees.

Reported net income totaled a loss of 31.0 million rupees, or a loss of 1.37 rupees per share, compared to a loss of 24.9 million rupees, or a loss of 1.09 rupees per share, in the prior-year period.

As of April 29, US$1 was equivalent to 104.80 Pakistani rupees.